Brent edging lower again this morning

Yesterday a series of updates here on the Oil markets looked at Brent crude for March delivery. As expected and advocated, the break below $79.50 did deliver more downside and eventually Brent fell to a fresh interim low, at $78.46. It did rebound from there into the European close, edging back above that earlier breakdown level, around $79.50. Brent later dropped back again from there and settled $1.50 lower on the NYMEX exchange, at $79.29. The price action this morning has mostly been to the downside so far. Brent just now hit a session low around $78.80. The reasons behind this whole move lower have not changed and that means gains from here on might be hard fought. Brent is currently trading at $78.88